andrew reddington assistant director of financial aid illinois wesleyan university
TRANSCRIPT
![Page 1: Andrew Reddington Assistant Director of Financial Aid Illinois Wesleyan University](https://reader036.vdocuments.net/reader036/viewer/2022062422/56649efe5503460f94c12bfd/html5/thumbnails/1.jpg)
Andrew ReddingtonAssistant Director of Financial Aid
Illinois Wesleyan University
![Page 2: Andrew Reddington Assistant Director of Financial Aid Illinois Wesleyan University](https://reader036.vdocuments.net/reader036/viewer/2022062422/56649efe5503460f94c12bfd/html5/thumbnails/2.jpg)
Scholarships are typically based on “merit”◦ Academic, fine arts, athletic, leadership
qualities◦ Awarded by colleges and universities,
organizations, businesses, clubs◦ Requirements for renewal
Grants typically based on “Need”◦ State and Federal programs◦ Colleges/Universities◦ Evaluated each year
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Ability to Pay vs. Willingness to Pay◦ Parent’s Responsibility◦ Student’s Responsibility
A family’s ability to pay must be evaluated in an equitable and consistent manner.
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Free Application for Federal Student Aid (FAFSA)
Student Aid Report (SAR)
Expected Family Contribution (EFC)
Data Retrieval Tool (DRT)
CSS PROFILE
Illinois Student Assistance Commission (ISAC)
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IRS Data Retrieval
Student’s Social Security Number
Dependency Questions
Family Size
Taxes Paid (not amount withheld on W-2)
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Investments carefully read what is included and excluded
Business/Farm
Additional Financial Information
Untaxed Income
Signatures
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Automatically pulls Tax Info to the FAFSA
Available approx. 2 weeks after taxes are filed with IRS using electronic transmission
Not done after Congratulations Notice
Can be used as a component in verification
May not work in all family situations
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Parent Contribution
+ Student Contribution
Family Contribution
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Family Income (AGI plus untaxed income) Family Size Number of Children in College Parents Assets Age of Parents Student’s Income Student’s Assets Other…..
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Cost of Education
- Family Contribution
Financial Need
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Professional Judgment - with factual and verifiable information
◦ Early retirement◦ Marital Status Change- divorce, separation, etc…◦ Medical expenses not covered by insurance◦ One-Time taxable income◦ Elder care◦ Other
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Gift Assistance◦ Grant in Aid◦ Scholarships◦ State Funds (MAP Grant) ◦ Federal Funds – Pell and SEOG
Loan Assistance◦ Stafford Loans◦ Perkins◦ Private, PLUS, Home Equity loans
Employment◦ Campus Work Study (On/Off Campus)
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Federal Grants◦ Pell Grant◦ SEOG Grant (Supplemental Education Opportunity
Grant)
State Grants◦ MAP Grant (Monetary Award Program)◦ Other Programs
***Keep an eye on these grants as there may/will be some changes to them.***
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Seen as lowest interest rates on student loans
The FAFSA must be completed
Interest rate at 3.4% Subsidized and 6.8% Unsub.
Repayment begins 6 months after the student graduates or falls below half-time
No Repayment While Student is in School
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Financial Need◦ Subsidized = need based◦ Unsubsidized = not based on need
Payment of interest◦ Subsidized- Federal Government pays while
student is in college and reduced interest rate◦ Unsubsidized - interest is accruing, currently 6.8%
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Freshman $3500
Sophomore $4500
Junior $5500
Senior $5500
$2000 added opportunity for Stafford Unsubsidized Loan
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Parent PLUS Loan◦ Fixed Interest Rate 7.9%◦ 4% Origination Fee (Government Fee)◦ Repay While Student is in School (120 payments/10 years)
Private/Alternative Loans◦ Based heavily off of Student/Co-signer Credit◦ Interest Rates are Variable◦ Most do not Require Payment While Student is in School
Payment Plans◦ Breaks up Balance into Monthly Installments◦ May or May not Have a Fee to Set Up
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Billed by the University to the plan provider
◦ College Illinois
◦ 529 Prepaid Plans
◦ Out of State 529 Plans
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Family Contribution 3000 3000 3000
Grant 9,500 24,500 39,500Loan 5,500 5,500 5,500
Remaining Balance 17,000 32,000 47,000
Job 2,000 2,000 2,000
Breakdown:
Total Aid 17,000 32,000 47,000
A B C
Cost of College 20,000 35,000 50,000
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◦ Can accept or decline any portion of a FA proposal
◦ Understand scholarship renewal qualifications
◦ Be aware of scholarship scams
◦ Juniors - use calculators on websites, don’t file
FAFSA
◦ Consider possibility of graduation in 4 vs 5 years
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Do IRS Data Retrieval on FAFSA
Read Instructions carefully
Know state and institutional deadlines for applications (IWU is March 1st)
Use a completed Tax Return if possible
Make copies of all the forms you send
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www.finaid.org
www.collegezone.com
www.collegeboard.com
www.fastweb.com
www.fafsa.ed.gov
www.pin.ed.gov
www.iwu.edu
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